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Introduction
Creating innovative products and services that respond to customer needs has always been a way of life at 3M (MMM. ... )
The HBR case, “3M: Profile of an Innovating Company,” chronicles the making of the Minnesota Mining and Manufacturing Company (3M.)
The Situation
3M began in 1902 when five local business men invested $1000. ... )
Over the years 3M encouraged free open experimentation and research. ...
The Problem(S)
3M began by being inventive when solving problems. ... 3M needed a way to foster innovation and still maintain profitability.
At 3M, early leaders established a relatively successful approach to this dilemma by favoring independent R&D programs. 3M CEO William McKnight declared the company’s rationale more than 50 years ago when he said that, "As our business grows, it becomes increasingly necessary to delegate responsibility and to encourage men and women to exercise their initiative. ... )"
3M’s innovation success subsequently relied on long-term, individually directed exploratory research projects. ... " But shareholders’ concerns have changed, and 3M was forced to expand its innovation management. ... )
The Critical Factor(S) Bearing on the Problem(S)
3m must compete internationally. ... 3M was built on its ability to be imaginative and reach creative solutions. ...
Current 3M CEO James McNerney says innovation remains paramount, but he insists the company has to change. In years past, he says 3M could afford to be a little less efficient than it has to be today. ... )
The Reason(S) for the Recommended Solution
Over the past century, 3M scientists have created a long and celebrated legacy of new and lucrative products.
Approximate Word count = 1174
Approximate Pages = 4.7
(250 words per page double spaced)
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